LIV Golf player commitment deadline delayed; investor says initial portion of $300M in financing is in place
Jason Butler
The deadline for players to commit to LIV Golf’s future has been pushed back.
On Monday, a restructured support agreement was filed between LIV Golf and BC Partners, the London-based private-equity firm that is funding “LIV 2.0.” New court documents in LIV's Chapter 11 bankruptcy case reveal BC Partners has made an initial committed investment of $4 million. BC Partners has ties to GSE Worldwide, the agency representing a sizable portion of LIV’s roster, and BC could provide $300 million to the former Saudi-backed circuit if plans are approved by the bankruptcy court.
Saudi Arabia’s Public Investment Fund, which started LIV Golf, had raised flags since LIV's initial bankruptcy filing that BC Partners just wants LIV for tax write-off purposes and is not interested in running a golf league. In a statement Monday, BC Partner leader Ted Goldthorpe said, "Our goal is to facilitate LIV Golf's emergence from the restructuring process on sound financial footing and with renewed momentum heading into the 2027 season.”
On the commitment front, BC had initially set Oct. 13 for a “requisite number of players” to agree to new deals with LIV, or else it could walk away from the agreement. However, that date has now been pushed back two weeks to Oct. 25.
The restructuring of LIV’s bankruptcy would likely release LIV players from their existing contracts, allowing them to pursue opportunities elsewhere. Golf Digest reported earlier this year that agents representing several LIV players had contacted the PGA Tour and DP World Tour to explore possible paths back, and the tour has been adamant that the exemption to Brooks Koepka to return no longer exists. Furthermore, the tour’s staff won’t even entertain conversations with players or their agents until they prove they are out of their LIV contracts. Agents and players are expecting a one-year suspension from tour-related activities at minimum, meaning they are hoping to understand where they can play in 2027.
The news comes days after Sergio Garcia asked the bankruptcy court to honor LIV’s request to end player contracts, or allow Garcia out of his, in order to assess his future.
LIV Golf filed in a New Jersey court for Chapter 11 bankruptcy protection on Sept. 8 while announcing a proposed restructuring agreement that could transfer majority ownership of the league to its players. LIV's marquee stars Jon Rahm and Bryson DeChambeau have not publicly ommitted to LIV's future, while 2022 Open winner Cam Smith has expressed frustration at the lack of communication from LIV leadership about what's happening.
Additionally, Kooyonga Golf Club, which is set to host LIV Golf’s Australia event early in 2027, is seeking clarification if its event will continue. In court filings last week, the club said it has not been paid per its agreement with LIV. The club has filed a motion in the U.S. bankruptcy court, setting a deadline for LIV to meet its tournament obligations.